Over the last week and more, Ethereum co-founder Vitalik Buterin has been sharing some key developments on the Ethereum blockchain network. However, the Ethereum community expressed concern over a lack of explanation regarding Buterin’s Ethereum holdings over the past few years.
Vitalik Buterin Clears the Air on Ethereum Sell-Off
In 2021, Ethereum co-founder Vitalik Buterin revealed his ETH holdings on the social media platform Reddit. He stated that his ETH holdings originated from the pre-mine totaling 11.9 million ETH, wherein he received a total of 700,000 ETH coins.
However, recent data from Arkham Intelligence shows that Buterin now holds 240,000 ETH, a massive 60% drop to 423,000 ETH, as to its peak holdings. At present, the value of Buterin’s Ethereum holdings stands at $1.06 billion.
This has led to several questions within the ETH community as to why Buterin sold off his massive ETH holdings in just three years time frame. Responding to this, the Ethereum co-founder said that he hasn’t sold off his Ethereum holdings for personal gains since 2018.
He stressed that all of his ETH sales have been directed towards projects, he deemed valuable either within the Ethereum ecosystem or for broader charitable causes, such as biomedical research and development.
Addressing the misunderstanding regarding his ETH transactions, Buterin also previously stated on Warpcast that it was not a case of him selling ETH for personal profit. Instead, these transfers are usually donations to charities, nonprofits, or other projects, with the recipients selling the ETH to cover their operational expenses.
ETH Price Action Ahead
The Ethereum price has been recently flirting around $2,500 forming a strong base at these levels. Popular analytics platform CryptoQuant recently stated that despite the decline over the past five years, Ethereum has maintained its position above its realized price. And it is now acting as a key support level.
Historically, altcoin bull markets often begin when Ethereum’s market price is stronger than its realized price, indicating potential for future gains in the broader altcoin market.
Furthermore, popular crypto analyst Michael van de Poppe opined on X that the bullish divergence on Ethereum remains in play. A key level to watch is 0.042 BTC for ETH; holding this support could signal another upward move. With ETF flows stabilizing and beginning to turn positive, could a green September be on the horizon?
